Getting Financially Fit
When you’re in control of your finances, you reduce stress and worry.
- Financial stress can affect your physical and emotional health.
- High financial stress is associated with increased risk for ulcers, migraines, heart attacks, depression, anxiety, and sleep disturbance, and may lead to unhealthy coping mechanisms.
- By analyzing, planning, and managing your spending, you can take small steps that lead to significant changes.
Content shared from American Nurse Today and written By Bernadette Mazurek Melnyk, PhD, RN, CPNP/PMHNP, FAANP, FNAP, FAAN, and Susan Neale, MFA
Nursing may have ranked ninth in a study of the 50 highest-paying college majors, but many of us worry about money every day. If you’re feeling stressed about your financial situation, you’re not alone; 72% of Americans surveyed in a recent American Psychological Association (APA) study said they experience financial stress, including worrying about paying bills, emergencies, taking care of aging parents, children’s college tuition, and their financial future in retirement.
Student loan debt plays a big part in many nurses’ financial stress. According to a study by the National Student Nurses’ Association, the average nursing student graduates with about $30,000 in student loan debt.
Awareness of the national trend of financial stress has prompted many businesses and organizations to offer financial wellness training to their members and employees. Ohio State University was one of the first universities to include financial wellness in its wellness initiatives for students, faculty, and staff, and many others have followed.
Money and your health
Financial stress can affect your physical and emotional well-being. According to the APA, high levels of financial stress are associated with an increased risk for ulcers, migraines, heart attacks, depression, anxiety, and sleep disturbance, and may lead to unhealthy coping mechanisms, such as binge drinking, smoking, and overeating. As you already know, chronic stress can be detrimental to your cardiovascular system too, adding to the risk of high blood pressure, heart attack, and stroke. Financial stress also can affect your psychological and emotional well-being, distracting you at work and complicating your personal relationships. Your mind and body can’t afford financial stress if you’re aiming to achieve optimal well-being.
The good news is that you can take control of the situation. When you analyze, plan well, and manage your spending, you can take small steps that lead to significant changes. Here are some tips and resources for managing money, including special resources for nurses with school loans.
Set aside time to evaluate your finances: Make a series of financial dates with yourself (and your spouse/partner) to plan how you’ll handle your finances. Once you have a plan in place, schedule monthly checkups to stay on track. Make a commitment to place a small percentage of your monthly salary into a retirement account; have it automatically withdrawn so you don’t have to think about it. You’ll be amazed at how it accumulates over time.
Analyze money in, money out: Manage your cash flow by first identifying how much money you have coming in from all sources each month. Then, identify your fixed expenses that don’t change from month to month (such as car payments, mortgage, student loans, and utility bills) and your variable expenses (such as money spent on food, clothing, vacations, emergencies, and health). Variable expenses may present opportunities to cut back or save, and fixed expenses can sometimes be renegotiated. Reviewing 3 months’ worth of credit card and bank statements should give you a clear picture.
Prioritize: Decide where you really want your money to go each month and draw up a budget you can live by. Make the best possible use of what you have to get the most of what you want. Online resources such as quicken.com, youneedabudget.com, and moneydance.com can help. Read The New York Times “Your Money” columnist Ron Lieber’s “31 steps to a financial tuneup” for a complete checklist of money-savvy actions, such as reviewing your student loans. Lieber estimates how long each action will take, from 5 minutes to 2 hours, so you can find time to fit it into your busy life.
Know the importance of interest: The math is simple: Money you invest earns you more money, and money you borrow costs you money, so make debt reduction a priority. Even small change, such as money spent on a cup of coffee a few times a week, adds up. As financial analyst Trent Hamm explains, three $4 coffee lattes a week for 40 years cost a total of $24,960. But invest that $12 a week in a fund earning 5% interest and in 40 years you’ll have $79,772!
Protect yourself from a big loss: Reduce worry about financial emergencies by saving a “cushion” of at least 6 months’ pay.
Use savings hacks: Lieber suggests checking with your wireless and phone carriers for better deals, setting up automatic payments on your credit cards to avoid late fees, and spending gift cards as soon as you get them to avoid losing or forgetting about them.
Ask for help: A certified financial planner (CFP) can help you evaluate your current situation and show you ways to pay off debt and invest in your future. Fee-based CFPs charge a one-time fee rather than taking a percentage of your investments’ earnings, and you’re likely to find the fee small compared to the benefits you’ll reap from good financial planning. Find a CFP at napfa.org.
Find healthy outlets for your stress that don’t cost money: Getting 30 minutes of physical activity 5 days a week, including walks outside, and taking care of yourself can reduce your overall stress, which will help you think more clearly so you can get a better handle on your finances.
Stay in the present moment: Worrying about the future and feeling guilty about what you’ve done or not done in the past are two of the most wasted emotions. Besides, most of everything we tend to worry about never comes to fruition. By staying in the present moment, you can focus on the little steps you can take today to get your finances under control.
Focus on the positive things in your life: Counting just a couple of things that you are thankful for every day gives you a sense of optimism and can help reduce your stress.
Take charge
Even if you can’t pay off that student loan or other bills overnight, you can relieve the stress by gaining control of the situation. Feeling in charge of your finances will boost your confidence, help you focus, give you peace of mind, and alleviate a lot of stress and anxiety.
Selected references
American Psychological Association. American Psychological Association survey shows money stress weighing on Americans’ health nationwide. February 4, 2015.
Berry A. 50 highest paying college majors. glassdoor.com. October 17, 2016.
Feeg VD, Mancino DJ. Nursing student load debt: A secondary analysis of the National Student Nurses’ Association annual survey of new graduates. Nursing Economics. 2014;32(5):231-9.
Learn more:
New BSN Info Sessions – Register
The on-campus Information Session aims to offer valuable insights to individuals considering a Bachelor of Science in Nursing degree. Reserve a Spot…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
RNs ready to pursue more?
Are you a Registered Nurse wondering what the next step is in your career? Considered your BSN? Sumner College's RN to BSN program can get…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Nurses Influence the Health and Wellbeing of Patients Every Day
As individuals, nurses directly influence the health and wellbeing of patients every day. Through frequent contact, nurses are best placed to encourage lifestyle changes in…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Changes in Nursing
Changes in nursing involve a major shift in higher education standards, requiring more nurses to hold a 4-year bachelor of science in nursing (BSN). The…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Trades make a comeback with Gen Z Workers
America’s skilled trades — from nursing and plumbing to welding to construction — need more workers as boomers retire. Gen Z-ers are stepping up to fill…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Congratulations, Sumner College Graduates: Embracing New Beginnings
Congratulations to the new Sumner College nursing graduates. As the tassels are flipped and mortarboards soar into the sky, a chapter closes, and another begins.…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
April BSN Info Sessions
Have you considered being a nurse and working in the healthcare industry? Attend an information meeting with Sumner College to learn more about the BSN…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
The State of Wellness: Everything You Need to Know About the Oregon State Board of Nursing
You have likely heard about the Oregon State Board of Nursing (OSBN), but how does the organization interact with and support Oregon nurses? Join us…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
OCN Explores Nursing Wages in New Research
Article & Photo Shared from Oregon Center for Nursing How much do Oregon nurses really make? The well-being of Oregon’s nursing workforce is a guiding initiative for…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
New Classes Start Today!
March classes start today! Welcome to our new BSN, PN and RN-BSN students.…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Alex – Sumner College Graduate
Alex, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Alexandra – Sumner College RN to BSN Graduate
Alexandra, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Renee – Sumner College Graduate
Renee, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Serena – Sumner College Graduate
Serena congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Amanda – Sumner College Graduate
Amanda, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Natalie – Sumner College Graduate
Natalie, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Now Hiring
Are you a healthcare educator? Sumner College is looking for our next Nursing Educator to join our team. This is a part time position. Read…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Erin – Sumner College Graduate
Erin, congratulations on your graduation! As you’ve embarked on your nursing journey, remember: ‘Nursing is not just a profession, it’s a calling to serve, heal,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Exploring the Vital Role of Nurses in Heart Health
Article Shared from DiversityNursing.com February is American Heart Month. It's important to promote cardiovascular health and explore the many ways Nurses are engaged in these…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Meet Anne Marie – Sumner College Graduate
Anne Marie, congratulations on your graduation! As you've embarked on your nursing journey, remember: 'Nursing is not just a profession, it's a calling to serve,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Nursing Ranked Most Trusted Profession for 22nd Year
Article Shared from DiversityNursing.com In Gallup's 2023 Honesty and Ethics poll, Americans' evaluations of almost all 23 professions have experienced a decline compared to previous years.…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Helpful Apps Every Nurse Should Have
Article shared from DiversityNursing.com Mobile apps have transformed how Nurses provide care to their patients. Smartphones allow Nurses easy access to applications designed to assist…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
DiversityNursing.com – Helpful Resources
Helpful Resources DiversityNursing.com is a Career Job Board, Community and Information Resource for all Nurses regardless of age, race, gender identity, religion, education, national origin,…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
How to Prepare for College – Oregon Goes to School
Article shared from Oregon Goes to College It’s a plan! No matter what grade you’re in, you can get ready for your future. Getting ready…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Sumner College Clinical Partners
Sumner College clinical partnerships play a crucial role in advancing medical education and training. By offering opportunities for hands-on experience and mentorship, these collaborations help…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Commencement Ceremony
Save the date - April 6, 2024 for Sumner College's Commencement Ceremony. Celebrating cohorts: PN54, PN55, ADN23, RN-BSN10 and RN-BSN11 Congratulations to you all!! Tickets…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Healthcare Hero
Are you aspiring to be a healthcare hero? A common question from our nursing students at Sumner College is about the role of ER nurses…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
Dynamic – Interactive – Rich with Real-world Relevance
RNs are you ready to take your nursing career to the next level with a BSN? Guess what - at Sumner College, you can achieve…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
ER Nursing
Have you been thinking, “How can I start my nursing career in an ER?" Begin by obtaining a solid understanding of nursing through an approved…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn
LPN
At Sumner College, we understand the importance of every role in the nursing field, including the dedicated work of Licensed Practical Nurses (LPNs). LPNs are…
Share at FacebookShare at TwitterShare at PinterestShare at LinkedIn